RECENT POSTS
- Follow Leon Cooperman into RIM, Halliburton?
- LinkedIn CEO Calms Post-Lockup Concerns
- Anthony Scaramucci: S&P 500 Stocks Still Cheap
- Your First Move For Friday February 10th
- Home Builder Optimism Up, Industry Expert Says
- Chart Patterns Suggest Pullback at Hand
- UPDATE: Massive Trend Just Getting Underway in Financial Services: Finerman
- Terranova: Beware Nuance Play On Apple Spike
FAST MONEY FEATURES
FAST MONEY POLLGet in the post game. Respond to our "Question of the Day" right now.
FULL SHOWSMissed an episode of Fast Money? Watch the latest show here.
HEDGE FUND TRADE OF THE WEEKWhich names are generating the most chatter across the hedge fund community this week?
CALL TO THE FLOOR | CEO EXTRACheck out our library of CEO interviews; conversations from TV as well as web exclusives.
TRADE SCHOOLGrab a pencil because school is in session and the Fast Money traders are teaching class.
FAST MONEY PODCASTS
Download Fast Money onto your MP3 Player.
FAST MONEY WIDGETGrab this all-in-one application and get recaps of the show sent right to your desktop or blog.
SHOP FOR FAST MONEY MERCHANDISEGet your game on with Fast Money gear.
FAST MONEY SLIDESHOWS!Check out our scrapbook. These "pix" are guaranteed winners.
NEWSLETTERSign up for our daily newsletter!
FAST MONEY MOBILE ALERTSGet advanced information about the next Fast Money.
Text Size 
BEHIND THE MONEY: Will This Pandit Rally Go Poof?
Many things about today's rally feel good for the bulls: strong volume, solid breadth and an accompanying selloff in safe havens like gold and Treasuries.
BUT, one thing that is troubling traders about this rally is the apparent reason for its existence: Vikram Pandit. The Citigroup [C
Loading...
()
] CEO's leaked internal memo where he boasts to employees that the current quarter so far is the firm's best in a year and half has made Citigroup the best performer in the Dow average and financials the best sector in the S&P 500.
"I fail to see this as a foundation for a strong rally," said Tim Seymour, FM trader and managing partner at Seygem Asset Management. "People really want to believe the financials are OK, plus the market was very oversold."
So if this is just a rally in a bear market and not THE rebound, how far does it have to go? Our friends at Bespoke Investment Group note that there have been four 10 percent-plus rallies since this bear market began, with the average gain being about 17 percent. That would put the S&P 500 at around 791.
Guy Adami, FM trader and managing director at Drakon Capital, thinks the real test for the S&P 500 will come around 741. The level was support in the past, but should now be big resistance, notes Adami.
So if we get through the 741 level, you can start to feel better. But don't get the party hats out yet. We had a bounce of 24 percent from Nov. 20 to Jan. 6 before the selling took over again and the index returned to even lower lows.
While the whole market may not have bottomed, there is one sector making a case that the worst is over. Tune to Fast Money tonight for the answer.
John Melloy is the Senior Editorial Producer for Fast Money. Before joining CNBC, he was an editor for Bloomberg News, overseeing the U.S. Stock Market coverage team.______________________________________________________
Got something to say? Send us an e-mail at and your comment might be posted on the Rapid Recap! If you'd prefer to make a comment but not have it published on our website send your message to .
Data is a real-time snapshot *Data is delayed at least 15 minutes
